I posted 4/11/22 after FY2022 regarding the OPCF situation:...

I posted 4/11/22 after FY2022 regarding the OPCF situation: https://hotcopper.com.au/posts/64590565/single
Price weakness, I think, stems from risk of ongoing divergence between cash receipts and OPCF and not the cash receipts/ACV conundrum.
I showed the graph below to IO at the AGM - noting the worsening OPCF as cash receipts grew.
He didn't seem to get the import, seemingly confident about the business being "self-funding" (which, clearly, it isn't) - which didn't improve my confidence level...

I think this latest 4C result has significantly increased risk attached to this play IE: what is the true operational cash situation of the business.
There is now, imo, no "wriggle room" left and management would do well to display a transparent understanding and commitment to the financial realities of the business to turn this around...
I'd be very surprised if a fly on the boardroom wall wasn't hearing "capital raise?"...